brokers reports, page-6

From broker report:
"We are reiterating our BUY recommendation on MWE and have upgraded our valuation from
$0.37/share to $0.50/share to reflect changes to our development scenario for the Kapulo
project. Our development scenario now assumes 3.0Mt @ 3.5% Cu (105kt contained Cu) is
mined at Katanga/Safari North over a four year period commencing in early 2011. The project
is expected to produce around 25ktpa of blister copper at a cash cost of US$0.80-0.90/lb.
Initial capital costs are estimated at US$60M with power sourced from a nearby hydro facility"